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They do not necessarily reflect the opinions of W.J. Bradley Mortgage Capital, LLC


In Pictures: The Severity Of The Foreclosure Crisis Depends On Where You Live

Foreclosures concentrate on 4 statesForeclosures stories dominate the national housing news. It seems at least one foreclosure-related story makes its way to the front page or the nightly news every week.

But for as much as the foreclosure filing statistics can be astounding — over 300,000 homes were served last month alone — the prevalence of foreclosures depends on where you live.

As reported by RealtyTrac, just 4 states accounted for more than half of the country’s foreclosure-related activity last month.

  • California : 22.7 percent of all activity
  • Florida : 14.9 percent of all activity
  • Arizona : 6.7 percent of all activity
  • Illinois : 5.7 percent of all activity

The other 46 states (and Washington D.C.) claimed the remaining 49.9%.

However, just because foreclosures are concentrated geographically, that doesn’t make them less important to homebuyers around the country.  There’s been more than 1.4 million foreclosure filings in the last 12 months and that’s a figure that can’t be ignored.

Distressed properties now play a role in one-third of all home resales.

Therefore, if you’re in the market for a foreclosed home, here’s a few things to keep in mind.

  1. Properties are usually sold “as-is” and may not be up to living standards. Be sure to physically inspect the home before buying it.
  2. Buying a home from a bank is rarely as streamlined as buying from an individual homeowner. Be prepared for delays and long closings.
  3. Foreclosures aren’t always listed for sale publicly. Ask your real estate agent how to access the complete foreclosure inventory.

 

In order to use the federal homebuyer tax credit, you must be under contract for a home by April 30, 2010 and closed by June 30, 2010.  That doesn’t leave much time to find a bank-owned home and make it to closing.  If you’re serious about buying foreclosures, it’s probably best to start your search soon.

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Related posts:

  1. How Big Is The Foreclosure Market? It Depends On Where You Live, Of Course.
  2. Foreclosure Activity Drops Throughout The Most Foreclosure-Heavy States
  3. Foreclosure Activity By Metro Area, Q3 2010

About Michael Haigh
Michael Haigh has 20+ years of professional experience in the banking and mortgage industry. He has the knowledge, education, and dedication to get you the best loan for your situation, answer your questions honestly and completely, and make your mortgaging experience a pleasure. His reputation includes being the number one lender in the country for CitiBank for 9 years, then at Chase for 1 year and now with WJ Bradley since August of 2009. This is because of the quantity of loans, myriad of people he's helped, and his dedication to helping his clients find the perfect loan for them.

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